Forum looks to bolster Vietnam-Eastern Europe trade
Huge opportunities remain in trade between Vietnam and Eastern Europe, said Deputy Minister of Industry and Trade Hoang Quoc Vuong during a forum held in Ho Chi Minh City on May 8.
At the Vietnam-Eastern Europe Trade Forum (Photo: VNA)
HCM City (VNA) – Huge opportunitiesremain in trade between Vietnam and Eastern Europe, said Deputy Minister ofIndustry and Trade Hoang Quoc Vuong during a forum held in Ho Chi Minh City onMay 8.
The Vietnam-Eastern Europe Trade Forum isdesigned to bolster Vietnam’s exports of farm produce, garment-textiles, andfootwear to Eastern Europe in the time to come.
At the event, Vuong said Eastern Europe hasbeen an important export market of Vietnam. The two sides set up institutionsand solid legal frameworks to foster bilateral cooperation over the time,including 14 inter-governmental committees, the Vietnam-Poland economiccooperation consultation mechanism, and the Eurasian Economic Union (EAEU)-Vietnamfree trade agreement (FTA).
In addition, the eight Eastern Europeannations which are members of the European Union (EU) have greatly contributedto Vietnam’s EU-related revenues.
However, trade revenues between Vietnam andEast European countries remain modest, the official said. The figure stood at10.1 billion USD in 2018, accounting for only 2.65 percent of Vietnam’s totalexport values.
In the coming time, FTAs with the EU andEAEU will remove trade barriers to bolster cooperation in trade, industry, andinvestment between Vietnam and European countries, and those in the easternregion in particular.
Vietnamese businesses need to improveproduct quality and diversify their markets as well as export items, which willraise the competitiveness of domestic firms and labour productivity, he added.
Meanwhile, Dmitry Makarov from the Officeof Trade Representation of the Russian Federation in Vietnam, based in HCM City,said Vietnamese firms should pay attention to the development and consumptiontrends of the Russian market, one of the major markets for Vietnamese firms. –VNA
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The Department of Trade Defence under the Ministry of Industry and Trade will begin releasing Vietnam’s export data to the Eurasian Economic Union (EAEU) on a monthly basis to help local businesses avoid Most Favoured Nation (MFN) tariffs.
A Vietnamese delegation led by Minister of Planning and Investment Nguyen Chi Dung is attending the fourth Eastern Economic Forum (EEF) held in the Russian city of Vladivostok.
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Trade between Vietnam and Russia was estimated at 4.57 billion USD in 2018, up 28.6 percent year on year, partly thanks to the enforcement of the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU).
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At the Vietnam-Eastern Europe Trade Forum
